DALLAS, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ:PMD), the world's leading provider of hair testing for drugs of abuse, today announced financial results for the second quarter ending June 30, 2024. The Company's revenue for three months ended June 30, 2024, was $4.7 million versus $5.5 million for three months ended June 30, 2023, a decrease of 15%. Net loss was $0.8 million, or $0.14 per share, compared to a net loss of $0.7 million, or $0.13 per share, for the three months ended June 2024 and 2023, respectively. The Company's revenue for six months ended June 30, 2024, was $10.1 million versus $11.4 million for six months ended June 30, 2023, a decrease of 12%. Net loss was $1.5 million, or $0.26 per share, compared to a net loss of $1.1 million, or $0.19 per share, for the six months ended June 2024 and 2023, respectively. Brian Hullinger, President, and Chief Executive Officer, stated: "Despite the decline in revenue due to continued lower hiring by our clients, we ...